Market Economics Discuss the Role Essay

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To ensure that none of this was taking place, many state regulatory commissions would set prices and monitor the industry. Then, during the 1980's is when deregulation would occur, as many economists felt that they were stifling economic growth. As a result, the different laws were changed, allowing for electric producers to have greater freedoms in: setting prices and determining how it would be distributed. With a host of electric companies, beginning to own others producers in different states and they began to actively trade it. This is important, because it shows how the overall level of government regulation would be reduced. Yet, the various state regulatory commissions would still be able to maintain oversight and control inside their borders. As a result, there was a reduction in the overall amount of regulations, while allowing certain controls to remain in place. When you put these different elements together, this meant that market economy was adjusting to demands for reducing the way different natural resources are allocated.

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The below diagram highlights the new structure that is occurring between: the government and how various resources are allocated in the economy. (Griffin 2005, pp. 2- 5)

Diagram 1.2: Limited Government Involvement in the Distribution of Resources from the 1980's Onward

Government

Negotiation of Goods and Services

Businesses

Consumers

What this shows, is the overall role that the government is playing in the allocation of resources is changing. Where, they do maintain a certain amount of control through regulations that give them the power to monitor and intervene. While at the same time, it is underscoring how businesses have greater control, in determining where various resources are allocated. At which point, a mixture of regulation and free trade principals would be the model of market economies going forward......

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